The Phakadze brothers' company "Central Park Avenue" is set to build skyscrapers next to the hippodrome, and the architectural service has already issued a temporary construction permit for two buildings.
According to the project documentation, seven buildings are planned to be constructed on the plot located between Tamarashvili Street and Tbilisi Central Park. The tallest of them will have 79 floors with height of 259 meters.
The project territory is divided into two parts: the first plot will house commercial, office, and residential buildings, while the second will primarily accomodate commercial, recreational, entertainment, sports, and residential facilities.
"The land plot area (01.10.16.004.272) is 9645 sq. m. The development area is 72063 sq. m. The residential area will be 28280 sq. m, commercial – 4779 sq. m, and summer – 10569 sq. m. The building's construction height will be 162.46 meters, of which 4.8 meters will be underground (2 floors) and 157.66 meters above ground (43 floors)."
"According to the explanatory note, 'The property, identified by cadastral code 01.10.16.004.285, spans 70,500 sq.m. The construction footprint will be 63,051.9 sq.m., with 15,046 sq.m. designated for residential use, 8,631 sq.m. for commercial purposes, and 6,114.5 sq.m. for summer areas. The building's total height will be 118.4 meters, consisting of 8 meters underground and 110 meters above ground. It will be a 23-story building.'"
The owner of the land plot located at 01.10.16.004.272 is LLC "Central Park Avenue". The director is Vasil Pkhakadze, and the 100% owner is LLC "Idea" (20% - Vasil Phakadze, 40% - Levan Phakadze, 40% - Samson Phakadze).
The owner of the land plot located at cadastral code 01.10.16.004.285 is the "Kartu" Foundation. LLC "Central Park Avenue" is listed as the future owner of the plots with cadastral codes 01.10.16.004.283 and 01.10.16.004.284.
Note: the Cartu Foundation, founded by Bidzina Ivanishvili, signed a deal at the end of 2023 to sell 80,145 m² of real estate on Tamarashvili Street, near the Hippodrome, to Central Park Avenue.
